WASHINGTON (2/24/15)--With the National Credit Union Administration seeking to identify outdated, unnecessary, or burdensome regulatory requirements, CUNA is seeking comments from credit unions for its own comment letter. Under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), federal financial institution regulators, with the exception of the NCUA, are required to review their rules at least once every 10 years. The NCUA voluntarily participates in this process.
Regulatory relief is one of CUNA's top advocacy priorities, and CUNA recently testified on those burdens before the Senate Banking Committee.
This is the second EGRPRA review undertaken by the NCUA, the first one ran from 2003 to 2006.
The current request for comment includes the following categories:
These categories are a different order than those the NCUA uses in its annual review of one-third of its regulations. NCUA will request comments on the remaining categories of rules at regular intervals over the next two years.
While the NCUA voluntarily participates in the EGRPRA process, it does not conduct EGRPRA hearings like the other agencies.
Comments are due to CUNA by early March, and comments are due to the NCUA by March 19.